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5 of the Best Grand Rapids Neighborhoods for Families

Posted on by Hometown Development

As one of the fastest-growing regions of Michigan, the Greater Grand Rapids area has become a popular spot for young people and families. This area offers the opportunity to raise children in a welcoming and safe environment close to great schools with plenty of parks and things to do just around the corner. Here’s a look at some of the top up-and-coming Grand Rapids neighborhoods. 

#1 Alger Heights 

South of downtown is a great up-and-coming Grand Rapids neighborhood for families known as Alger Heights. With good schools, plenty of parks, and even a branch of the library located in its limits, Alger Heights is a great place to settle and raise children. This close-knit, diverse neighborhood cares about bringing people together and regularly hosts community events like movie nights, live music, and park activities. Alger Heights is close to shopping on 28th Street while being an easy commute to downtown and the beltline.

#2 Eastown

Eastown is known for being a progressive neighborhood with a rich history — with plenty of craft breweries, specialty cafes, and unique shops. Many young people have moved to Eastown to buy and refinish classic older homes, which has made the neighborhood popular for professionals relocating for work. Eastown is a short commute to state-of-the-art hospitals that employ many residents. This neighborhood enjoys a lot of greenspace and has access to many quiet parks and great public schools.

#3 Fulton Heights

Conveniently located minutes east from downtown and west from the beltline, the Fulton Heights neighborhood is a must-see spot that’s increasingly popular for young professionals and families. This quiet residential area has access to everything, including two large parks, a huge community garden, and the Fulton Street farmers market which is a popular draw for locals across Grand Rapids.

Homes in Fulton Heights tend to sell quickly, so interested buyers will need to keep an eye on the market if they want to raise their family in this beautiful spot.

#4 Heritage Hill

Located just southeast of downtown, Heritage Hill is known to be the most historic of the Grand Rapids neighborhoods. Its huge, perfectly preserved homes dating back to 1844 are spaced along brick streets lined with old-growth trees. With homes of every architectural style, Heritage Hill is a popular place for walking tours. With quiet streets and plenty of nearby parks, the area is also a draw for families. 

The Heritage Hill neighborhood is close to downtown and easy walking distance to many great restaurants, bars, and coffee shops. Very few franchises have set up shop, meaning most neighborhood establishments are unique and have had roots in the area for a long time.

#5 Creston-Cheshire

With a population of over 27,000 residents, Creston is the largest of Grand Rapids neighborhoods, located to the north of the downtown area. The neighborhood is full of quiet suburban homes, tree-lined streets, and has access to many parks — including the beautiful Riverside park which is full of fun outdoor activities for families from disc golf to kayaking.

This area is growing quickly, with new restaurants, bars, and retail spaces opening up all the time. This community already has a growing culture, and in a few years could become its own unique hub.

Hoping to move into one of these top desirable Grand Rapids neighborhoods? Hometown Development can help! We regularly renovate and restore homes in these areas, offering buyers like you a rare opportunity to move into these highly sought-after neighborhoods. Let us know what you’re looking for, we may just have the home for you!

Selling a House Long Distance? 5 Key Things to Know

Posted on by Hometown Development

Whether you’ve just relocated for a new job, inherited a house in another town, or have found yourself needing to get rid of a house you’ve moved away from, you may need to sell a house long distance. If you’re in this unique situation, there are five things you should know about the process.

#1 Selling a House Long Distance Might Require Travel

Before you can list the house for sale, you’ll likely need to visit the property to assess its condition and determine what repairs or changes need to be made before it can be ready to sell. You may need to get formal inspections done to locate any major issues, such as leaks, pest damage, or repairs, so you can address them before selling.  You’ll also need to evaluate the area where the house is located and settle on a realistic listing price. If you have the time and cash to fix up the property, you may be able to list it at a higher price. However, if the house needs more work than you can afford, or you want to sell quickly, you might consider a more competitive price point.

#2 You’ll Have to Prepare Your Home For Sale Long Distance

Once you know what the home needs in order to be sale-ready, you can start making the repairs or changes. If you’re selling a house long-distance, you may not be able to do this work yourself. You’ll either have to make time to travel back and forth and work on the home a bit at a time, or hire a crew to do the work for you. Depending on how much work the home needs, these preparations could get expensive.  Be sure to budget out the work in your original assessment to justify the time and cost it will take to make the changes. There might be some problems not worth fixing if you won’t be able to earn that money back in the sale of the home. Particularly if you’re selling a house long distance, the less effort and stress required to get rid of the extra property, the better.

#3 You Can Hire a Professional to Sell a House Long Distance 

One way to limit the number of trips needed to visit the property is to hire a professional. A representative like a Realtor or legal advisor can act as a go-between to facilitate the process of preparing the home for sale, showing it to potential buyers, and even negotiating any offers on your behalf.  Whether you hire one person or use a team, representatives with your best interests in mind can help make selling a house long distance easier. You’ll likely need to have a few trips to consult with your Realtor, or schedule regular meetings, and you may need to pay a retainer fee for legal consultations.

#4 You’ll Need to Maintain the House Long Distance

Another factor to consider when selling a house long distance is property maintenance. Regular upkeep will include paying any utilities, landscaping and lawn care, occasional cleaning, collecting mail, making any repairs as-needed, checking faucets, or other maintenance tasks.  You’ll need to have these needs covered during the time you’re preparing the house for sale, while it’s listed, and up until the sale is closed. Your representative may be able to look after the property for you, or you may need to hire separate services for cleaning and mowing. Traveling back and forth to take care of these tasks isn’t practical if you’re selling a house long distance.

#5 Selling a House Long Distance to a Real Estate Investor is Quick and Easy

For a fast and hassle-free sale, you can sell your home to a real estate investor. Selling a house long distance this way is simple and can be completed in a single visit. A real estate investor will walk through the home with you and make you a fair offer based on its market value. You won’t have to travel back and forth to make repairs, hire a Realtor, or wait around for a traditional buyer. If you sell to a real estate investor, you receive a fair offer and can have your home sold in as few as five days.  If you’re selling a home that you’re a long way away from, a traditional sale might not be the best option for you. If you’re hoping to get a fair offer and move on, talk to the team at Hometown Development. Reach out to us today for your free cash offer.

What Not to Fix When Selling A House

Posted on by Hometown Development

Selling a home can feel like a huge task, and the process of getting there can be complicated, time-consuming, and pricey. Before listing your home on the real estate market, you may have a hundred things you think you need to fix, change, or update to make your home ready to sell and attract a buyer quickly. How many of those things will actually help you sell your home? How many are not worth the effort and cost? To help you narrow down your list, here are some things not to fix when selling a house.

What Not to Fix When Selling a House

Some home repairs you can eliminate from your list because they’re too much work for the reward, too expensive to earn back in the selling price, or just not feasible with your timeline.

Cosmetic Repairs

Cosmetic changes and fixes, such as changing paint colors or upgrading the landscaping around your home, are relatively easy to do yourself, but may not be worth the extra effort. Most times, it’s better to leave these changes up to the buyers to customize according to their preferences. 

If your home has brightly colored walls that are loud and distracting, painting with a more neutral palette might be a useful change to make. However, unless the paint or landscaping majorly detracts from your home’s appearance, don’t place these types of repairs high on the list of priorities. Make sure things are clean and tidy, but don’t feel like you need to completely makeover your home before selling.

Updating Kitchens and Baths

Kitchen and bath updates are repairs that make the list of what not to fix when selling a house. Could they help increase your home’s value? Probably, but are these changes worth the time and money? It’s unlikely that you can earn back the costs of these repairs in the sale price for the same time and money you spent. Leave the upgrades to the next owner, so they can get exactly what they’re looking for in a new kitchen or bathroom.

Halfway Repairs

If you can’t afford to make the full repair, don’t do it halfway. Repairing problems with your home with temporary or “creative solutions” are things to not fix when selling a house. It’s better to spend the money to make the repair completely and effectively, or disclose the problem to a buyer than try to do a patch job for a low cost.

What You Should Fix When Selling a House

If your home needs a lot of work, there might be a few things you should fix to help you sell your home. Some traditional buyers may not make an offer before you have these types of repairs resolved.

Major repairs like foundation damage, faulty electrical or plumbing, a leaking roof, mold or water damage, or other major problems should be addressed before selling your home. Although they may not be the least expensive to tackle, any problems that make your home unsafe to occupy need to be addressed before you can sell.

Major repairs are red flags to buyers. If a home needs a lot of expensive work upfront, buyers will be more hesitant to make an offer, unless they can purchase your home for a very low price to justify the extra cost and effort of repairs.

How to Sell Your Home Without Making Any Repairs

If you don’t want to make any changes to your home at all, or can’t afford the major repairs your home needs, you still have options. You can sell your home as-is or sell to a real estate investor for a quick, cash offer.

Sell Your Home As-Is

In an as-is sale, you put your house on the market in its current condition, without making any repairs or updates to the home. You avoid the time-consuming and expensive changes to make your home ready to sell, and wait for a buyer looking for a project. Be aware that, in order to sell your home as-is, you may need to price it competitively. If your home needs a lot of work, only specific buyers looking for a project may be interested.

Sell to a Real Estate Investor

When you sell your home to a real estate investor, you can sell your home as-is, without worrying about what to repair and what not to fix when selling a house. You can sell without a Realtor and on your timeline — often in as few as five days. Real estate investors have the time and capital to make the repairs your home needs, so they aren’t scared off by outdated kitchens, cosmetic repairs, or even major repairs like leaking roofs or water damage. They will make you an offer that is fair for your home’s value, so you can sell your home fast, for cash, without the hassle of a traditional home sale.

If your home needs work on critical issues like the foundation, water damage, mold or roofing, a traditional sale may not be right for you. If you’re interested in a fair cash offer based on the market value of your home, Hometown Development can help. For your free, personalized offer, reach out to us today.

I’m Stuck with a House I Can’t Sell. What to Do?

Posted on by Hometown Development

If your local Michigan housing market isn’t working in your favor, you might find yourself sitting on a house with a for-sale sign in the front yard you can’t move. If you’re stuck with a house you can’t sell, here are a few ideas you might consider to help you change your luck and sell your home.

Wait for Selling Market to Improve

The phase of the economy can greatly affect the housing market’s fluctuating demand. 

If we’re in a recession, home sale prices tend to decrease. This happens because more homes are going up for sale, so the market is flooded with more options for prospective buyers. House buyers have the chance to be more selective with their choices and funds. To sell your home when the market is cold, you’ll likely need to price your home to compete with the others on the market, or else wait for the situation to change.

Lower Your Asking Price

If your house or property has been for sale for a while, but no serious offers are being made, you might consider lowering your asking price. Particularly if the Michigan housing market is cooling off, buyers may be overlooking your home in favor of those with a lesser price tag. Pricing your home competitively can show buyers you’re motivated to sell and puts you at a more level playing field with other homes for sale near you. If a buyer was on the fence about making an offer on your house, a price drop could encourage them to give your house another chance.

Lease Your Home

Alternatively, you could consider leasing your house for additional income. Either rent out a room or vacate your home and lease it to a family. While this can provide a solid monthly income, managing a rental property requires some work. You will be required to upkeep the property for your renters and be available to attend to any of their needs regarding the home. Despite the extra work, if your home is in good condition and located in a desirable neighborhood, leasing could be a viable option, especially if you’re stuck with a house you can’t sell.

Make Improvements to Your House

If you’ve found yourself stuck with a house you can’t selling Michigan, you might be brainstorming ways to make it more appealing to buyers. Apart from making necessary repairs to your home, you could consider making small changes and updates to your property that buyers will appreciate. This could include something as simple as painting the interior a neutral color or choosing new light fixtures, or could be something bigger like replacing the roof that was starting to show its age or updating the kitchen with modern appliances. If you’re willing to invest more money and energy into your house, it could help you draw in a new offer.

Stage and Market Your House for Sale

A great way to show off your home to a wide audience is to stage and market it online. You could hire a professional home staging service and photographer, or do the work yourself. To stage your home, use minimal and simple furnishings to add dimension to each room. Be careful not to over-decorate, and remove any personal items like family photos, mementos, or toys. The goal of staging is to help potential buyers see themselves in your home and imagine their lives there. Leaving items that say too much about your personal life can make them feel like they’re invading your privacy and be off-putting for a sale.

With your home staged, you can list it on the popular home sale sites like Zillow, Trulia, Realtor.com and even Craigslist. Good quality photos and staging will be easy for people to share with others, and bring in more interested people to see your home.

Sell Your Michigan Home As-Is for Cash

If you feel like you’ve tried everything and are stuck with a house you can’t sell, there’s a better way to sell your home, and to sell it quickly. Selling your home as-is is a great way to earn a fair price for your home without having to be at the mercy of a fluctuating housing market, make costly repairs and updates, or wait around for a buyer to find you. When you sell as-is, a real estate investor will go through your home with you and then make you a fair cash offer for the value of your home. No repairs, no realtors, and no waiting required. In as few as five days, you can sell your house and be onto the next chapter in your life.

Stuck with a house you can’t sell? Hometown Development can help. We make cash offers for houses at a fair market rate and can close in as few as five days. If you’re ready to move on, we’re ready to help. Give us a call at 616-379-3090 or reach out to us online.

5 Tips to Selling Your Home Without a Realtor

Posted on by Hometown Development

If you don’t want to go through the process of working with a real estate agent, you can try selling your home without a realtor. The advantages of this option are that you won’t need to pay a Realtor’s fees or sell your home on their timeline. However, you may have to do more of the work by yourself, especially when it comes to marketing your sale, preparing your home for sale on the traditional real estate market, and finding a buyer without a Realtor’s connections. That being said, if you want to sell your home quickly without a Realtor, you have options. Here are 5 tips to help you sell your home without a Realtor.

Price Your Home Competitively

How motivated are you to sell? If you have time to spare you can sell your home close to its value, but a lower price might help sell your home more quickly. Pricing your home competitively will draw more buyers to your home. Once they’re in the door, you can sell them on all the advantages your property has to offer.

When it comes to choosing the best market price for your home, you should base the number on a few factors. First, consider your home’s condition. Is it in need of any repairs the buyer will have to take care of upon moving in? Buyers might shy away from a house that’s a project, unless the cost of the upkeep is reflected in the sale price. 

You should also consider the value of homes similar to yours in your area. Have there been other sales in your neighborhood in the past few years? Take a look at the asking prices of those homes and compare them with what they actually received in the final offer. It could help you decide on a competitive price when you’re selling your home without a Realtor.

Lastly, you should factor in the current temperature of the housing market in your area. Are homes selling quickly, or are sellers waiting around for months for potential buyers to bite? If the market is cold, you might need to consider a competitive price to draw buyers to your home.

Stage and Market Your Home for Sale

Before listing your home by yourself, you might consider staging it for showings, promotional photos, and marketing materials. To stage your home, you’ll want to use neutral furnishings, take down any family portraits, and clean up and stow anything that could be considered clutter. The goal is to help potential buyers see themselves in the space, to help them imagine their life in your home, so you want to avoid furnishings or decorations that are too “you.”

With your home staged and photos taken, it’s time to list on popular home sale sites like Zillow, Trulia, Realtor.com, and even Craigslist. When selling your home without a Realtor, you won’t be able to rely on a real estate agency’s connections, so it’s up to you to put the word out about your home for sale.

Host an Open House 

When selling your home without a Realtor, it’s up to you to show your home to potential buyers. A great way to get people in the doors is to host your own open house. Before an open house, you’ll want to make sure your home is clean and ready for visitors. This includes sprucing up the landscaping, making any necessary repairs, maybe even baking a tray of cookies to get the place looking and smelling great. 

Schedule your open house in advance, and be sure to spread the word before the event takes place. If no one makes an offer right away, don’t be discouraged. Another goal of an open house is to show off your home to people who might tell others about your sale.

Be Prepared to Negotiate with Potential Buyers 

Of the 5 tips to sell your home, being prepared to negotiate is crucial. Hopefully, after having your home listed for a short time, you’ll receive a good offer or two for your home. In a perfect world, a buyer would offer to pay the asking price for your home, but in most cases the offer will be low. It’s up to you whether you want to accept or counter, but you should be prepared to have a fair negotiation with any potential buyers. During negotiation, it’s important to be flexible to the buyer’s concerns and demands, especially if you are motivated to sell.

When accepting a buyer’s offer, you’ll need to be willing to work with their financing options, which could involve a waiting period while their lender approves a loan. Make sure the selling agreement is laid out in clear language. You might consider hiring an attorney to make sure everything is as agreed before the sale is closed.

Sell As-Is for Cash with a Quick, Hassle-Free Sale 

If you want to avoid the hassle of preparing your home for sale, staging and hosting an open house, or negotiating with buyers, you might consider selling your home as-is for a quick cash sale. In an as-is sale, a real estate investor will walk through your home with you and offer you a fair price based on its value. The advantages of this are that you can sell your home fast for an immediate payment, without having to make any repairs, changes, or updates to your home or property. You can take care of selling your home without a realtor and have the process finished in as few as five days. 

Whether you want to list your home for sale by owner, or sell quickly and simply in an as-is for cash sale, there’s no need to work with a real estate agent. It’s possible to have a stress-free experience when selling your home without a Realtor. 

Do these 5 tips to sell your home have you ready to sell your home, but not interested in hiring a realtor? Hometown Development would be happy to help you sell quickly, and without the hassle. We offer fair cash offers based on the market value of your home. To learn more about our free cash offer, reach out to us.

5 Reasons to Invest in Real Estate Remodels

Posted on by Hometown Development

Real estate investing can provide a lucrative and steady income over time. Investing in remodeled homes is a unique sector of the real estate market, which has distinct advantages. Let’s take a look at five reasons why real estate investing in remodeled homes is a good idea and can help you expand your portfolio, grow your returns over time, and even save money on your taxes.

Secure Reliable Income with Real Estate Investing

Real estate is a valuable investment because it is a reliable source of income. Housing will always be a desirable asset because people will always need it. 

Any investments or improvements you make to your property can increase its value in a tangible way. Remodeled homes have already received significant improvement so all you have to do is enjoy the benefits.

Start Generating Revenue from Real Estate Remodels

When you invest in a remodeled house, all the work to prepare the property has been done, so you can start using it to generate revenue right away. With the ability to turn a profit from your investment almost immediately, it’s easy to see why remodeled homes make great real estate investing opportunities.

Since any major problems and repairs were taken care of, the property will require very little maintenance for the first several years. By investing in a remodeled home, you get to skip the steps of hiring contractors, finding designers, buying materials, managing remodeling projects, and paying the carrying costs during the renovation process. The convenience of a remodeled home is hard to beat.

Find Simple Financing Options for Real Estate Investing

It’s easy to secure financing for remodeled homes when you’re ready to get started. Because of their completed & turnkey state, remodeled homes are seen as a low-risk investment, which is very appealing to lenders. Also, since you can start generating income right away, mortgage payments can be managed easily, with profits left over for you to enjoy or reinvest into the property.

Enjoy Tax Benefits of Real Estate Investing 

In addition to the predictable and steady income, real estate investing has several benefits come tax-time. You can deduct many of the costs related to your property, including upkeep and maintenance, mortgage loan interest, and likely most of the improvements you make to the property over the tax year.

Even though real estate is known to appreciate in value, you can still claim depreciation deductions for your real estate assets on your taxes. You’ll be generating income from your property and enjoying your real estate’s growing value, but can claim a lower income by factoring depreciation. The savings will start to add up and can help to offset your income taxes.

Discover Remodeled Real Estate Investing Advantages

When you’re making your initial investment, remodeled homes can be purchased for a better value than new construction homes. Remodeled homes also have more character than new homes, while still enjoying updated amenities. Generally located in established, desirable neighborhoods, it will be easy to find good tenants who appreciate a shorter commute, proximity to good school districts and parks with large, old-growth and shady trees. New developments won’t be able to offer the same benefits, as they’re often built further from town on clear-cut land. 

Real estate investing has never been easier than with remodeled homes. Whether you’re just dipping your toes in the investing pool, or you’re a seasoned swimmer, real estate investing is accessible to everyone. With the right investment opportunity, you can start generating income right away and expand your investment portfolio with beautiful renovated homes that are full of character and West Michigan charm.

If you’re considering investing in West Michigan properties, or if you’re already an active real estate investor in the area, the Hometown Development team would love to work with you. Give us a call at 616-379-3090 or contact us online for more information about our projects and our investment partnership opportunities.

What to Know About Buying in West Michigan’s Competitive Housing Market

Posted on by Hometown Development

If you’re buying in a competitive market, you’re familiar with the experience of seeing a sign or listing go up on an available home, and almost as quickly, the house is already pending or sold. In a competitive market, there is a high volume of buyers looking for a low volume of homes available for sale. A highly competitive market is advantageous to the seller because they can often sell a home for much more than it’s worth because they know there will be buyers lined up around the block to place bids. Unfortunately, this means the average buyer with an average budget will have a hard time finding an affordable home in their desired area.

You have to act fast when you see a home come on the market you’re interested in, knowing that many others are doing the same. Particularly in West Michigan, people are flocking to the area, drawn to top performing school districts, exciting job opportunities, growing cities with small town charm and, of course, the gorgeous great lakes. To get the jump on upcoming homes for sale in the West Michigan housing market, you’ll want to work with people who know what houses are going to be available before they’re listed, like a real estate agent or investment firm that flips and resells local houses.

Tips and Tricks for Buying in a Competitive Market

Buying in a competitive market requires careful financial planning, thorough neighborhood research, and the development of good instincts that will allow you to make swift and sound purchasing decisions. Here are a few tips and tricks to help you navigate a highly competitive market.

Make a List

Do your research ahead of time about the areas you want to live in. Make a list of your top neighborhoods as well as characteristics you’re looking for in a home. Think carefully about the value of each of those items and rank them in priority. Planning ahead for what you’re looking for in a home means when one is available that checks all the boxes you’ll be ready to jump.

Make a Plan

Have a clear idea of your finances before trying your luck buying in a competitive market. If possible, get pre-qualified for a loan so you’ll have a better idea of your price range. Work with a lender you trust who can help you through the lending process and move things along quickly when you’ve found the right home.

Keep Your Cool

When it can seem like all of your top choices are getting swept away, it is best to keep an open mind. Try to be flexible with your criteria and expectations and, above all, be patient. It can be tempting to make offers left and right like a game of whack-a-mole to try and land a house when the market is hot, but trust that your ideal home has yet to come on the market and it’s waiting for the time to be just right.

Getting Ahead of the Game in the West Michigan Housing Market 

In the West Michigan housing market, it can be tough to find the house you want at the right price. If you’re struggling to get ahead of the game, consider adding professionals to your house search team, or expand your search parameters. 

Assemble Your Team

Working with a local real estate agent can have serious advantages when buying in a competitive market. A real estate professional can help you scout out homes you’re interested in and may know through their realtor network what homes are going to be available before they’re formally listed. Especially if you have no idea what you want in a home, an agent can work with you to refine your vision and make a list of features that are most important to you.

Out with the New, In with the Old

If you’ve been exclusively looking at newer homes, consider widening your search to include older homes that might need work done. You can often find these homes available at lower prices. If you’ve got DIY skills or are willing to put in the time and capital for home remodeling projects, these can be great price opportunities that don’t sell as quickly as other homes in a competitive market. 

Find Hidden Gems

Another class of homes to look for are ones that were recently remodeled. You can still have the price savings and durability of a new home without putting in the remodeling work yourself. To get the jump on recently remodeled houses coming on the market in your desired area, work with a company that specializes in flipping houses. 

Real estate investment firms are great to work with in the West Michigan housing market because they have a catalog of hidden-gem properties that have recently been remodeled or are currently being renovated for you to view. They purchase homes at a lower price in order to fix them up, and can pass those savings onto you as the buyer. These homes are typically in up-and-coming neighborhoods and offer you a great quality home for a discounted price.

If you’re hoping to purchase a home in West Michigan, Hometown Development can help! As a professional real estate investment firm, we remodel a number of homes in attractive neighborhoods here in West Michigan. Take a look at our gallery to see some of our previous projects, and give us a call at 616-379-3090 for information about our available properties.

My Home Has a Cracked Foundation. Can I Still Sell It?

Posted on by Hometown Development

If your home has a cracked foundation or needs other major repairs, it can be difficult to attract a buyer willing to take on extensive home repair projects. However, it is still possible to sell your home. Let’s talk about some options available to you to sell your home according to your budget and timeline.

Major repairs are red flags to buyers — even if they’re looking for a project or a fixer-upper. A house with foundation problems, a leaky roof, plumbing issues, pest infestations, or mold are all issues that require a good amount of work — and cash — to fix. Often, these problems are too expensive or complicated to repair yourself. If you need to sell your home, you still have options. Here’s how you can sell a home with foundation problems or any other major repairs.

How to Sell a Home that Needs Repairs

If you want to sell your home with major repairs, selling it traditionally will be difficult. Even home-flippers will steer clear of homes that need major updates or fixes. If you’re determined to sell your home, you might consider making the repairs to fix the foundation, leaky roof, pest problem, or other issues. This will take time and money, but it could be worth it if you can get the value out of the home sale. 

If you can’t complete all of the repairs, focus on fixing the most important issues first — like the cracked foundation. A solid foundation will be less alarming to buyers and you’ll have a better chance of selling your home on the traditional real estate market. If the foundation only has small cracks or minimal damage, you might be able to have the cracks patched. However, if the damage is severe it may need to be replaced, which can be an expensive job. If you don’t have the funds or time to repair a severely damaged foundation, you might consider selling your home as-is.

What is an as-is sale?

In an as-is sale, you let it be known to buyers that you are selling your home in the condition that it is already in, without making repairs or updates. This will weed out buyers who are looking for a home in perfect condition and attract those who want a project or fixer-upper. Keep in mind you might need to adjust the asking price to reflect the needed repairs.

Benefits of an As-Is Sale

There are many advantages to selling as-is. A few of the most important ones for homeowners are:

  • You can sell your home quickly
  • You don’t need to make any repairs
  • You don’t have to hire a real-estate agent
  • You receive a fair price for your home
  • You can avoid the stress of a traditional sale

Sounds great, right? How do you sell your home as-is?

How to Sell Your Home As-Is

If you want to sell your home as-is without making any changes or repairs, there are a couple of ways you can do this. First, you could try to find the perfect buyer. This would be someone who is looking for a house in an up-and-coming area they can flip. This person would be willing to purchase a home that needs repairs — but only if they can get it for the right price. They’re going to be extremely careful with their purchase decisions because they’ll want to make sure an investment in a home with foundation problems, for example, will pay off. 

There is a chance you could find this perfect buyer and convince them your home is worth it. You may even be able to agree on a price low enough to tempt them. Still, finding such a buyer will take time. If you want to sell your home quickly, and for a fair price, you might consider working with a real estate investor.

Sell to a Real Estate Investor

A real estate investment company has the funds to make repairs like fixing a cracked foundation or replacing a roof. They can see opportunity in as-is homes like yours and have the time and capital to fix it — which you or a traditional buyer may not. Real estate investors look for homes they can buy in almost any condition and offer fair prices to the sellers. Their purpose is not only to give new life to a home, but to help homeowners get their lives back as well. Best of all, investors can close on an as-is sale much quicker than the traditional sale process — sometimes in less than a week. If you want to sell your house with foundation problems or other major issues, selling to a real estate investor will be your best bet.

Major home repairs like a cracked or problematic foundation are scary. It’s hard to imagine selling a home in that condition, and harder still to imagine the cost to repair the problem yourself. If your home has major damages that you just don’t want to repair yourself, look to Hometown Development. We purchase properties in any condition, and we’d be happy to take a look at yours. Give us a call at 616-379-3090 or contact us online for more information about our cash offer process.

Selling to a Home Investor? Here’s What to Look For

Posted on by Hometown Development

If you are considering selling to a home investor, you need an investor you trust who will not only live up to their word when it’s time to buy your home, but will also give you peace of mind that your home will be in good hands and that the investor will respect your neighbors and improve the community. When searching for a reputable investor, here are some details to look for.

What to Look For When Selling to a Home Investor

It’s important to do research on any investors you’re considering approaching to protect yourself and your property. While home buying scams are uncommon, there are a few that give home investors a bad name. Most investors provide a service to you and the community, while still supporting a healthy business model.

The Home Investor Has a Good Reputation 

A reputable home investor will already have good standing in your community. They will be known for revitalizing aged homes and improving the value of the neighborhood.

To research an investor’s impact, go online to find reviews and client testimonials. If they are working in your area, there should be plenty of evidence to back it up. An investor without any online presence doesn’t inspire much confidence. If there is a startling lack of reviews or only an overwhelming amount of positive feedback, it’s healthy to be a little skeptical.

The Home Investor Has a Portfolio of Completed Projects

Most home investors love to talk about their past success stories. Call the number they provide and talk to a real person about the company and its values. Ask to see a list of recent purchases or a link to review a portfolio of their work. They’ll appreciate the personal interest and you will have a chance to see the kind of projects they take on to know if your home is a good fit.

The Home Investor Provides Clear and Understandable Agreements

Trustworthy home investors will be upfront about any costs and terms of the sale agreement. There won’t be any hidden clauses or fees to worry about or overly complicated “legalese” meant to distract or confuse you. 

Regardless, you should always read all paperwork thoroughly before signing. If you are in danger of falling for a scam, they will likely try to get you to sign paperwork before you’re aware of what it contains. It’s better to be extra sure that everything is clear before you get too far in a situation you can’t get out of.

The Home Investor Will Manage Your Expectations

Experienced home investors won’t make lofty promises that seem too good to be true, but you can trust they will work to give you a fair price for your home. They often have larger goals of helping individuals out of tricky situations and serving the community. They genuinely care about helping homeowners like you. 

Scammers only care about lining their pockets. Home-selling scams will promise you large sums of money with no strings attached. They prey on the worries of people in financial crises but don’t offer real solutions.

For example, if an investor buys your home and says you can keep living there – it’s likely a scam. Good investors buy homes to resell them.  If you’re still living there they can’t flip the property, which means they likely have other intentions. If an investor is willing to offer a small window for you to find another place to live, it will be clearly stated in the agreement. Shady investors might buy your home and then charge you an exorbitant rent you can’t afford. Don’t trust this type of deal.

As a best practice, don’t exchange any money with an investor until the closing date. If you’re still unsure, have an attorney or listing agent represent you. You’ll be glad you took extra care if things go badly. If you do suspect a scam, you can call in a tip to a fraud-watching organization.

How to Sell to a Home Investor You Can Trust

If you’re looking for a reputable real estate investment firm to sell your home to, Hometown Development would be happy to help. A trusted local investment team, we purchase West Michigan properties in any condition and we can close in as little as five days. Give us a call at 616-379-3090 or contact us online to learn more about our process. 

What is a Short Sale, and How Long Does it Take?

Posted on by Hometown Development

If you’re struggling to keep up with mortgage payments and are looking for a way out of debt, or you need to move out of your mortgaged home for a job or change in status, a short sale could be a good option for you. Here’s everything you need to know about a short sale, from what it is to the sale process to some tips for how to make your short sale a success.

What is a short sale?

A short sale occurs when a homeowner going through financial hardship sells their home for less than the amount owed in the mortgage in order to get out from under debt and avoid foreclosure. This is often in response to a new financial hardship or reason to move. When selling in a short sale, the earnings go directly to the lender to pay the mortgage. The remainder of the mortgage sum might be forgiven by the lender. Or, if the lender issues a deficiency judgement, the borrower is required to pay the difference. 

Keep in mind that a short sale can be a lengthy process. This is because various stages require the bank’s approval. Short sales also involve a lot of paperwork to be completed and filed correctly. Throughout the process, you’re at the mercy of your lender and their schedule – and they are in no rush to sell your home while it can still be profitable.

Why should I sell my home in a short sale?

A short sale might be a great option if:

  • You need to sell your home quickly because your status or situation has suddenly changed, such as divorce or job relocation
  • If you’re behind on payments and want to avoid foreclosure 
  • If your home needs a lot of repairs or its value doesn’t match the amount you owe

Benefits of a short sale:

Selling your home in a short sale has many advantages:

  • You can sell your home as-is without making any changes or repairs
  • You can find a buyer who will pay cash, making for a simple transaction
  • The right buyer or investor will work with you and your lender’s schedule
  • You can save points on your credit score by avoiding foreclosure

How do I sell my home in the short sale process?

Selling your home in a short sale can be complicated and time-consuming, but for the extra effort it could seriously pay off. Here are the ins and outs of the short sale process:

You Qualify for a Short Sale

Since it’s ultimately up to your lender whether they will allow you to short sell your home, certain qualifications will make it more likely your lender will approve. Before a lender will consider a short sale, you have to already be in default on your mortgage payments and be able to show that you are unable to make payments. 

You should also be able to demonstrate that the cause of financial hardship is recent, such as medical costs or unexpected loss.  If you weren’t up front with your lender about your situation prior to signing the mortgage agreement, they likely won’t be willing to help you resolve the debt and get back on your feet.

Your lender is also unlikely to accept a short sale if you have a cosigner. If you default on the loan, your cosigner will automatically be required to pay and selling will not be an option.

The Lender Is Open to a Short Sale

Before you can sell your home, your lender must agree. Talk to someone at the company who is authorized to make decisions on your lending agreement before going ahead with the process. Keep in mind if they think they could earn more from selling your home after its foreclosed on, they won’t want to help you sell your home in a short sale. 

If, however, they are open to the option of a short sale, you can move on to finding the appropriate buyer.

Finding the Right Buyer

If your lender is open to a short sale, you must then find someone to purchase your home. There are various ways to do this, but most will list their home with a real estate agent or reach out to a reputable real estate investor. 

The major benefit of an investor is they can wait for the lender approval process which can often delay a sale by several months. A traditional buyer, on the other hand, probably wants to move toward closing right away and could become impatient while waiting for a bank to sign off. If forced to wait too long, they might find another home to purchase.

Bank Accepts Short Sale Offer

If a buyer is found, the lender still has to accept or deny the offer. SInce they will likely lose money from the arrangement, it might be difficult to convince them to sell. If your lender believes they can make more money in a foreclosure they will most likely deny the offer. However, a lender may accept a short sale offer to avoid having to make repairs and sell your home traditionally. A short sale could be more profitable and timely than going through the foreclosure process. 

Sell Your Home in a Short Sale

Once the lender accepts the offer, the buyer pays your lender the agreed-upon amount. This payment goes toward the lien on your home, which is just one part of the mortgage. The other part of the mortgage is the promise you made to pay back the loan. Your lender may still require you to pay the difference between the sale price and the value of your mortgage. If they do not forgive this sum they could hold you to this agreement by issuing what’s called a deficiency judgement against you in order to collect the money.

When the home is sold to a new owner, you must remove your belongings from the property. Once rid of your home and the debt that came with it, you are free to move on with your life.

How long does a short sale take?

While the process varies for everyone, short sales typically require a lot of paperwork and waiting periods for lender approval and can take from several weeks to months. Unfortunately, you’re often at the mercy of your lender, moving through the process according to their schedule and waiting on their judgement for whether you can fulfill your mortgage contract and free yourself from the debt. Be patient and seek out experts for help. Incorrect paperwork will delay the process further, so it’s better to be extra thorough when completing all necessary forms.

Short Sale Best Practices:

Here are some general tips for navigating the short sale process that will help things go smoother with minimal hassle.

Be honest with your lender.

Advise them of your situation when looking at financing options. It is equally advantageous for the lender to have an agreement you can repay. If a short sale isn’t a good option, work with your lender on a repayment plan.

Find a lawyer who can help you present your case.

Many attorneys and tax experts specialize in this difficult process and can help you navigate your financial records and compile the necessary paperwork.

Consult a real estate agent or a reputable real estate investor.

Lean on professionals to help you make the short sale a success and be ready to sell your home as soon as your lender agrees.

Be patient and keep reasonable expectations.

The short sale process can be long and complicated. Go into the process with an open mind and be flexible when it comes to your lender’s requirements. Focus on the possibility of walking away from the situation debt-free and in a good position to rebuild your credit and move forward.

I want to sell my home in a short sale. How do I find a buyer?

A short sale is one key way to get out from under major mortgage payments. If you’re working to arrange a short sale with your lender, and just need a buyer, let Hometown Development help. We purchase properties in any condition, for cash, and we can help ensure your short sale goes through. Call us at 616-379-3090 or leave us a message online, and we’ll get back to you with more information as soon as possible.

Licensed Contractor

Licensed Builder
Licensed Real Estate Agent

All closings performed by Bell Title
Meghan Vandenhout 616-942-8955

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